According to a new report released by the U.S. workplace consulting firm Challenger, Gray & Christmas, the U.S. layoff wave has accelerated in October, with the total number of layoffs this year reaching 1.1 million, the highest level since the pandemic recession, approaching the scale during the 2008-2009 financial crisis. The report pointed out that large companies such as UPS, Amazon, and Target have recently announced large-scale layoffs, reflecting a clear cooling in the labor market. Companies listed "cost-cutting" and "artificial intelligence automation" as the main reasons for layoffs. In just one month of October, the number of layoffs announced in the U.S. exceeded 153,000, surging 183% from September, marking the worst October layoff wave since 2003. John Challenger, CEO of Challenger Company, said that companies are now laying off tens of thousands of people, "indicating a major shift in the economic direction." The industries most severely affected include technology, retail, services, and warehousing. Due to the government shutdown that has lasted two months, key economic data is difficult to release, making policymakers and investors more anxious about the direction of the economy.
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Original article: www.toutiao.com/article/1848109438888137/
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